SIEVI, FINLAND – Scanfil reported fourth quarter revenue of EUR 142.8 million ($157.6 million), up 188% year-over-year.

Net profit was EUR 1.2 million, down 52.7% compared to the same quarter in 2014. Operating profit was EUR 3.8 million, 2.7% of revenue, up 17.5% year-over-year.

For 2015, revenue totaled EUR 377.3 million, up 75.9% compared to 2014. Profit for the year was EUR 8.4 million, down 31.9% year-over-year. Operating profit was EUR 14 million, 3.7% of revenue, down 13.7%.

"2015 was a year of great changes for Scanfil. We took a great development stride by acquiring the Swedish contract manufacturer PartnerTech,” said Scanfil CEO Petteri Jokitalo. “The acquisition practically doubled our size with regard to turnover, the number of employees, customer accounts, as well as number of plants.

“The reorganization of plants with weak performance continues. The decision to close the plant in Norway has been made; statutory negotiations have been started at the English plant, and PartnerTech Aerodyn AB (Sweden) has been sold. In China, actions were started to reduce overlapping and streamline the operations. We are aiming at reported operating profit level of 6% in 2017.”

Scanfil estimates its revenue for 2016 will be EUR 500 million to 550 million.

Ed.: EUR 1 = US$1.1034